Politics Over Reason

A President abruptly breaking an agreement with Congress and chasing the
wispy dream of a constitutional amendment that would magically balance
future budgets. Democrats in the House playing irresponsible politics
and offering no alternative proposals. New and credible forecasts of
astounding federal deficits. A midyear Administration economic report
too rosy to be taken seriously on Wall Street.

All told, it was another rough week for the already battered U.S.
economy. Even as the prime interest rate was inching down toward 15%,
the Treasury Department announced that it...